New York Clearing House loan committees' emergency lending and policies (October–December 1907)

1. Runs on New York trusts intensify panic

   Oct 22, 1907Labels: New York, NYCHA

   • Fed History
   • Yale JFC

2. NYCHA meets and authorizes emergency certificates

   Oct 26, 1907Labels: New York, loan committee

   • Fed History
   • FRASER Cannon

3. First loan-certificate issue backed by collateral

   Oct 26, 1907Labels: clearing-house certificates, collateral

   • FRASER Cannon
   • EH net

4. NYCHA restricts cash convertibility of deposits

   Oct 26, 1907Labels: NYCHA, suspension of

   • Fed History
   • EH net

5. Loan committee sets certificate terms and pricing

   Oct 26, 1907Labels: loan committee, certificate terms

   • New Bagehot
   • Cambridge FHR

6. Banks expand use of certified checks and substitutes

   Oct 28, 1907Labels: certified checks, substitutes

   • EH net
   • FRASER Highways

7. NYCHA begins canceling certificates as stress eases

   Nov 14, 1907Labels: certificate cancellations, NYCHA

   • FRASER Cannon
   • New Bagehot

8. Certificates peak outstanding amid continued tightness

   Dec 16, 1907Labels: outstanding certificates, NYCHA

   • FRASER Cannon
   • New Bagehot

9. Collateral handling becomes a core operational policy

   Dec 16, 1907Labels: collateral management, loan committee

   • FRASER Cannon

10. Gold inflows help restore liquidity conditions

    Dec 20, 1907Labels: gold inflows, New York

    • Fed History
    • Yale JFC

11. Most banks resume cash payments as redemptions rise

    Jan 1, 1908Labels: bank redemptions, convertibility

    • EH net
    • Yale JFC

12. Final certificate issue marks end of expansion phase

    Jan 30, 1908Labels: final issue, NYCHA

    • FRASER Cannon
    • New Bagehot

13. Final cancellation closes the NYCHA certificate program

    Mar 28, 1908Labels: final cancellation, certificate program

    • FRASER Cannon
    • New Bagehot

14. Crisis response feeds movement toward a U.S. central bank

    Mar 29, 1908Labels: Panic of, central bank

    • EH net
    • Fed History